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Welcome to the second quarter first half 2021 resource call of TeamViewer AG. At our customer's request, this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. If any participant has difficulties hearing the conference, please press star key followed by the zero on your telephone for operator assistance. May I now hand over to Carsten Keller, Head of Investor Relations.

Thank you very much. Good morning and welcome to you all to TeamViewer's second quarter first half 2021 results call. In a minute, Oliver Steyl and Stefan Geiser will take you through the business and financial update with the highlights of the first half. As always, we will conclude today's call with a Q&A session following the presentation. But before we start, I would like to remind you of the note on forward-looking statements that you can find on page two of the presentation. Let me now hand over to Oliver.

Thank you, Carsten. Good morning to all of you. Thanks for joining. So H1 2021, really full focus for the first half of 2021 was on the execution of the various strategic growth initiatives that we've put in place. As we told you to foster our profitable growth for a longer period of time. So it was a very eventful year, but at the same time, the global sales team really concentrated their efforts on customer retention as we entered the first renewal cycle of the so-called lockdown cohorts from last year. So really Q1 and Q2. So it was a busy year, busy first half. And I think, let me take you through the achievements, which we think are remarkable one by one. So if we start with our AR products and the strategic partnerships, During the first half, we continued to extend our solutions portfolio with a special focus on building really a leading position in the rapidly growing enterprise augmented reality market. Following the Ubimax acquisition in 2020, we executed on our bolt-on strategy and we acquired Upskill in Q1 and Viscopic in May in Q2. By the way, Viscopic is a leading German innovator of mixed reality solutions. and interactive 3D visualization, which is actually in addition to the features that we have in the Frontline platform. So it adds mixed reality and 3D components to the Frontline platform. And Frontline is the AR-based workflow and remote support suite that we're using for industries and enterprises globally. And the integration on Ubimax is anyway very well advanced. as you know, but also upscale and viscopic integrations are progressing really very well. Good cultural fit and really good product fit as well. In addition to expanding our AR capabilities, we did join forces with SAP to actually drive the adoption of AR technology, and that's happening in the context of SAP's industry cloud. The recently announced partnership, we will kick it off with the integration of TeamViewer Frontline into SAP's solutions for asset and service management in the coming weeks, so it's around the corner. And I think this partnership underlines TeamViewer's leading position in the enterprise AR solutions. And it also proves the scalability across use cases and applications. And I think that makes it even more compelling for customers. because quite some customers are interested in this integration of AR into their SAP backend system. For example, we have customers today already, Coca-Cola, Hellenic Bottling Company, the largest bottler of Coca-Cola, and for example, DB Schenker, they are actually using TeamViewer Frontline integrated into their SAP systems. And that's clearly, I think, the future that people companies try to integrate those two solutions to make it an end-to-end solution in their core operational processes. Also, a very important key to our growth strategy, as we said, is to raise our brand awareness on a global scale across all customer segments. So the marketing partnerships that we entered into in the first quarter, they have now been activated. Early days, of course, but they have been activated. with the introduction of Mercedes Formula One, Formula E cars now carrying the TeamViewer logo. And we've just recently launched the new Manchester United shirt for the season, so we are still pre-season. I think there were two friendly games and we presented two jerseys with our logo. And I can give you some stats later in the presentation. Quite impressive, of course, if you see the reach of these brands compared to what TeamViewer alone would be able to do. The other piece of the business, clearly Q1 and Q2, very much driven by retention efforts to retain the so-called lockdown cohorts. So as a result of the team's efforts, we kept the subscriber churn stable, very important, and we added 20,000 subscribers also in the second quarter. So very impressive, getting up to 623,000 subscribers by quarter end. Again, this can be a very small subscription, a few hundred euros, and a very big subscription with thousands of devices connected. So with this increase in subscribers, we achieved a 17% year-over-year growth in subscriber numbers, subscriber count. I think very strong, given the very elevated extra growth that we had last year. Clearly, we retained most of these customers from the first wave, so it was a very successful retention effort in that respect. But, and that's the negative, the renewal values in April and May were lower than we had anticipated, so we were a little bit too optimistic about the renewal value. quite frankly, hard to predict. And we've told you that we saw activity on the license as in other years. So we felt quite comfortable that these customers would stay with us and use because we saw the usage of the license. That turned out to be true. But then the one year renewal in combination with the reduced lockdown effects and customers across regions going back to normal they had to reduce the capacity in some places, and sometimes also renegotiate price, and that reduced the renewal value. So as projected in the beginning of the quarter, this downselling or downsizing led to a decrease in the net retention rate to 95% on a reported basis, and roughly 98% when adjusted for ethics, for my opinion. given the significant extra demand last year. This is still a very good result, albeit below our expectations. Then we had a rebound in renewal values in June, which was good, and we had a strong enterprise performance towards the end of the quarter. So I think we have a few weeks of the second quarter, which kind of felt normal after this massive retention efforts that we had. And with that, Billings growth came in at 18% at constant currencies for the second quarter and 22% at constant currencies for the half year. So below expectations for the second quarter, but all in all for the first half, I think still very solid if we compare or take into account the significant growth that we had in the first year and last year. At the same time, we retained our sector leading profitability with 55% adjusted EBDA margin for the first six months and also in the second quarter, 47%. Finally, also what happened in the first half and second quarter, I'd like to mention some additions to our senior management team. So we had Lisa Agona. She joined the executive board as a global chief marketing officer. and she will be the driving force of our marketing strategy. And we'll, of course, introduce her more broadly during one of the upcoming IR activities. Further additions to the senior leadership team are Patricia Nagel as President Americas and Georg Beischlag as Executive Vice President Strategy and Proper Development. Both can draw from really many years of experience in their fields, and they will be an integral part to our growth strategy. So what we'd like to do now is to take a closer look at our subscriber growth and retention, and especially have a look at our so-called core business, which is incredibly strong. And I think we felt it might make sense to show you a little bit churn development and also the churn characteristics by segment. So while we continue to ramp up our enterprise business with steadily increasing ACV and customer count, If you take the lower ACV customer segments with now more than 620,000 paying subscribers, these are the customers that, just from a numbers perspective, are driving the churn rates that you see. And in prior years, there was a one-off positive effect. The churn numbers, they benefited from our most loyal perpetual customers that had migrated to the subscription business first. So if you take people who have been renewing their perpetual license year by year and then they move to subscription, naturally you can expect that the turn rates are very low. And of course now in a more normal situation where we have influx of new customers, the situation is slightly different. And also, we rolled out a license at the lower end, so the cheapest entry license, the remote access license, to help expand our customer base at the low end. And this is a very good license, which is also, together with the business license, a very effective product for free-to-paid campaigning. Naturally, subscriber churn in this entry segment is higher, leading to an increase in overall churn, which we saw the peak in Q3 2020. And we then had, of course, an increase in retention efforts over the years. And through our very successful efforts there since the beginning of this year, we grew net subscriber additions sequentially from 17 to 19 to 20,000 each quarter, while the churn rate remained around the 15% level, which I think is an important number to keep in mind. With our set of entry licenses, We provide customers with a range of packages that fit their individual needs in terms of seats, number of managed devices, and also other features such as user and device access, reporting, or mask deployment, and so on. And while all licenses can be used to address remote access, remote support, and collaboration use cases, this means that the higher ASP licenses are typically used by larger SMBs and even enterprises addressing various use cases. across on the other side, on the one side IT use cases, but more and more, of course, OT use cases. The way corporate license can be used for attended access, unattended access, and you can very well connect into operational equipment with it. So, of course, if you have customers that are more sizable, the larger end of the spectrum, corporate licenses and the usage into OT, These customers are generally stickier and of course they show greater up and cross-sell potential, which is resulting in lower subscriber churn and higher NRRs. And if you look at the slide, clearly if you look at the corporate license, there we're talking with high single-digit churn rates and not the churn rates that we see in the entry segment. So very stable, very healthy call from our perspective. This is also the area where our mid-market and solution sales team then drive the Billings expansions, because these are the customers that we try to upgrade into either TensorFlow or we trigger cross-sells into remote IT management or augmented reality. What is also important, of course, is customer satisfaction. That's actually the beginning to kickstart a successful customer journey and then have APB expansion over time, which works incredibly well for us. And we wanted to note also that several review platforms rank our entry licenses very highly. For example, TeamViewer won the Gartner Peer Insights Customer Choice Award 2021, which is operated by TrustRadius. And also G2, which is a very important comparable site in the U.S., puts us very high in various categories. There's also review sites where we need to improve. We're working on this. We take customer feedback very seriously. The market by market piece really also has to do with the free user and paid user experience and the transition between those. But we're working on that to really create the best user and best possible customer experience there. If we go to the next page, we'd like to talk a bit about our enterprise growth and our customer base. So during the second quarter, the number of enterprise customers increased again to 2,252. That's up 55%, while the billings associated to these enterprise customers expanded by even 66% to now 67.4 million over the last 12 months period. This means that the average contract value per enterprise customer has now reached €30,000, which is three times what we put as a threshold of €10,000, which we put out at the time for the IPO, where we said we'd like to give you an indication of customers moving to five digits, because that's a different characteristic of customers. So if you remember, we started with this number above 10K, Now this segment is on average at 30K, which I think is a good proof point of the enterprise success. Three elements are driving this growth. Firstly, we have new customers acquisition very clearly via our mid-market and enterprise sales teams and also via partners. Secondly, we have very significant ATV expansion of existing enterprise customers by ARP and CrossSales. Here we successfully moved 40 customers from the 10 to 50K ACV range to above 50K bucket, which now comprises 46% compared to 34% at the end of last year. Also very good success. And it's also very, very nice to see that we increased our 200,000 plus ACV deals quite significantly at the time of IPO. I think we had one deal in this category. Thirdly, upselling existing customers to above the 10K threshold. So TeamViewer's large subscriber base. I think we have, of course, ample opportunity to upgrade existing corporate licenses, the one I was showing before, to the Tensor suite. So that's actually this transition point where we try to use our sales channels to move customers to Tensor. What they get in exchange for it is they benefit from more security features, such as conditional access, single sign-on. And of course, it's a seamless platform provision, a seamless solution across all devices and all platforms under single sign-on and security, which makes it much more usable for more use cases for our customers. If you go to the next page, you can actually see an example of this. I come to the deals on the right side, but also just one example, Heidelberger Druckmaschinen. You know them, global leading manufacturer of printing presses and solutions for print media industry, 170-year history. So in digitalizing, the company upgraded to Tensor to be able to remotely connect to its proprietary software solution and the machine worldwide. to provide fast and efficient technical support around the clock. This is a typical example of customers who know us, who've used us in the IT environment, but then expand the use of the product to the operations environment by connecting to totally different machinery than the office equipment. I mean, why are they doing this? Of course, reduction in machine downtime and customer productivity. This is one example, but very typical for what's going on in our enterprise mode. You see here, again, Q2, we closed a series of larger deals, again, across use cases, regions, customer verticals. First on the list, for example, is the leading provider of packaging for consumer goods, more than 20,000 employees worldwide, using TeamViewer in different areas. And their goal was to implement a group-wide remote support solution that is centrally managed and that can easily cope with their increasing capacity needs. The Tensor suite provided exactly that plus. They convinced the client because of security features like single sign-on seamless integration into Microsoft. Again, frequent example, TeamViewer sits somewhere in IT departments around the organization, but then they consolidate it into a larger Tensor deployment, benefiting from the integration we have with Microsoft, ServiceNow, Salesforce, and the likes. and of course benefiting from increased security functionalities that are absolutely mandatory in today's world. Completely different use case is addressed by a restaurant chain which uses Frontline. Again, AR solution industrial workflows, in this case used to provide employee training and to audit the food preparing process to ensure high quality standards. So very different example of using our solution a very different vertical and a very different business model. As you can see from the list, we've been winning deals in many attractive sectors. It's healthcare, it's automotive, it's retail, energy. So really, it travels, there's use cases everywhere. And customers have increasing security demands, which we can meet. They require true interoperability and scalability, which we can deliver with our platform. And they also want a long-term partner that they can innovate together with and bring their digitalization project to life. So we also do lots of co-development with customers or enhance our solution, pieces of our solution to make sure we have the best possible digitalization experience. Before I hand over to Stefan to cover our financials, I would also like to spend a minute or two on the launch of the marketing partnerships. I've got many questions for that, of course. After the announcement of our global sports partnerships with Manchester United and Mercedes Racing Team, both Formula 1 and Formula E, which happened in March, as I said, We've now started both of them, and we were able to drive our brand awareness already, although early days, clearly. Just a few examples. So, for example, the Formula One launch in May. Formula One reached around 5 million people via Facebook and Instagram channels of our partner. Just to give you an idea, just that launch, that is 2.5 times more than our own Facebook and Instagram followers, just by the initial launch. small video that we've produced. Additionally, I think very interesting number, one thing we have on the slide, but just two races. We just got the evaluation and the assessment of the media value of the first two races of Formula One in Monaco and Baku, so some weeks ago. And just those two races generated more than 20 million US dollar of advertising value equivalent in media. 20 million points of races out of 23. Those of you following Formula One a little bit know that since Monaco and Baku, the intensity of the racing has significantly increased. Viewership has increased. This is a very lively season this year. And that will drive media value very, very significantly up throughout the season. That's the Formula One. Formula E happened in parallel, of course much smaller. On the other side, home shirt launch of Manchester United with our branding. That happened in mid-July. A small video about this launch, so no match, no player, just an announcement of this alone generated around 30 million of views in media coverage. as well as 8.4 million views on the club's digital and social media channels from LinkedIn to Weibo, so present everywhere, really. And these numbers already show the huge impact that the partnership will have in the next five years to present our brand. Again, it's just the beginning. It's not even a real game. It's not even real sports content, real quote-unquote. It's a kid's launch. Of course, we're going to provide more measurements of this. We're going to measure the success of the partnerships going forward across three dimensions. Firstly, brand activation, so brand awareness, consideration, media exposure. Then, product activation. We can look at downloads and we can look at new use cases and product penetration, of course, and then, after all, Sales activation, meaning win rates, net promoter score, customer loyalty, and so forth. There will be more and more KPIs and numbers coming to show you the value that these partnerships create for us. But again, please remember this is just the beginning in football. The season hasn't even started. Additionally, to these external metrics, it was also great to see how our employees became excited about the partnership. Clearly, these days, employee engagement is very, very important. There is a war for good talent, and hence, we try to drive employee engagement as much as we can. I think we were quite successful in involving them in the launch activities, like meet and greet, participation at first events, all under corona restrictions, but still possible, and providing them with partner merchandise as well as content to share within their social network. So it's starting to move. Lots of content pieces created, lots of interesting material that people are proud of and share in their communities, and that is being shared by the club. And with this kind of first short glimpse on these partnerships, I would now like to hand over to Stefan, who will take you through our financial results in more detail.